GTAT downsizing business with 40% workforce reduction

GTAT said that it would reduce global headcount and related operating expenses by approximately 40%.Image GT Adanced Technologies Financials GTATQ OTCMKTS 0.0780 +0.0029 (3.86%) 11:45AM EDT PV and sapphire materials equipment specialist GT Advanced Technologies (GTAT) said it would undertake a major reduction in its global workforce as it reduces expenses inline with a revised business plan ahead of expectations of emerging from Chapter 11 bankruptcy in the first quarter of 2016. GTAT said that it would reduce global headcount and related operating expenses by approximately 40%. The company had 541 full-time employees at the end of 2013, according to its last filed annual report ahead of bankruptcy in 2014, which also excluded the significant number of jobs later recruited for its sapphire operations for Apple and the subsequent closure of the operation and Chapter 11 fili...